Business Megatrends – 2018 and Beyond
All of a sudden the work “Megatrend” popped up – what is a megatrend?
We started by looking up the word and found out it’s a slow trend that once it takes foot will become the norm.
So we wanted to look at the megatrends in the payment processing and hospitality industries.
They are not in any kind of order of importance –
1. Pay at the Table technology – consumers love it, restaurants have not come around to it in a big way – but there is going to be a shift and this will become the norm in the near future. Restaurants benefit by capturing data, surveys, social media likes, marketing data, email and texting receipts along with saving paper!
2. Cloud Point of Sale Systems – Browser/Cloud based Point of Sale Systems, IOS/Apple and Android Pos systems – We are going to see more and more of these come into the market and the next pos at your restaurant is not going to involve a bunch of pc’s. Browser based systems can use older equipment already in use while using the newest software.
3. EMV – right now adoption is at about 60% hard to believe that – and it’s been in place since Oct 2015 – but many business owners have not made the switch –
4. Cash Discount / Surcharging – it’s legal in all 50 states! A few years ago – bags were free at the airport – service charges did not appear on bills/invoices etc.. next business owner will soon be passing a 3.75% to 4% to the consumer – Businesses benefit from taking credit cards – they get paid, they don’t have to handle cash and it’s easy to keep track of – but MOST of the benefits are for the card holders – with Cash Back,Air Miles, Rewards Points and more!! Get ready to see this on your bills very soon in the near future!
5. Liquor Control Systems – many states have laws about liquor control (Utah, California to name 2) – this will happen in more states and businesses will have to track their liquor using control systems. These systems control over pouring, track what is being poured vs what is being sold. Beer systems are also available and with so many beers on tap this helps control inventory and sales.
6. Credit Card Terminals – What’s new?
A) All new machines have EMV – and go over the Internet for Speed
B) Mobile Machines – GALORE – from Bluetooth, WiFi, 3G/4G and more!
C) Machines ? what machines – Smart Tablets will be the new credit card machines!
D) Mobile on your phone or tablet – it’s been around – now they will do more! There are a bunch of new tablet/terminals that can help your business run smoother – with cool features and text-email receipts to help you market to your clients!
7. Crypto Currency -Will you be accepting Crypto Currency from your Customers? Accepting Bitcoin on your website and having it instantly transfer into Dollars is going to be a big hit – Consumers who have a lot of crypto currency – need to spend it – as it is easier then selling and cashing out.
8. Card less payments? Mobile Wallets, Apple Pay, Android Pay, Samsung pay and more are on the way – Does your equipment have NFC capabilities – Near Field Communication?
9. ATM machines are still here and going strong – What’s new at the ATM – Card less transactions, Currency Conversion (DCC), Donations, BitCoin, Getting your machine loaded by an Armored Car instead of heading to the bank.
10. Same Day ACH – Soon you will be able to take a check and make sure it is good instantly and get paid in real time.
For more info or to discuss how you can put these new technologies to use in your business email firstname.lastname@example.org or call us at 954-772-9008